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Overseers of two programs to compensate victims of Bernard Madoff's Ponzi scheme have announced $679 million of new payouts, ahead of Friday's 12th anniversary of the now-imprisoned swindler's arrest.
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The U.S. Department of Justice said that on Thursday it began paying out approximately $488 million to help individuals, schools, charities, pension plans and others recoup their losses.
On Wednesday, Irving Picard, the trustee liquidating the former Bernard L. Madoff Investment Securities LLC, said he will seek court approval next month to distribute an additional $190.8 million to more than 800 former Madoff customers.
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Following the payouts, the government will have sent close to $3.2 billion to nearly 37,000 victims from a $4.05 billion fund set up in 2013, while Picard will have sent $14.1 billion to Madoff customers he has estimated lost $17.5 billion.
The government fund is managed by former U.S. Securities and Exchange Commission Chairman Richard Breeden, and comes mainly from settlements with Madoff's former bank JPMorgan Chase & Co. and the estate of former Madoff investor Jeffry Picower.